Well said. One thing to note though is that since English already has redundancy, some letters would be freed up. We don't need a Q or an X since those sounds are already accomplished with KW and KS. We could use them to represent the SH sound, etc. Or add more letters worst case. I feel pretty certain every English sound could be accomplished with about 30 letters worst case.
I agree on the practice, but that's just for current generations of people who read under the current standards. Yeah, adapting would be a bitch, but the long term benefits would seem to outweigh our short term issues with adaption. As an example, look at other countries that adapted to the metric system. I am sure it was annoying for plenty of folks, but they adapted.